Can’t seem to get in with Synchrony

[GApeachy]

Just a little factoid:

Synchrony ranks #35 out of 250 us banks by asset size

https://www.mx.com/moneysummit/biggest-banks-by-asset-size-united-states

Care Credit:  You get 0% financing whether you app online or in a doctor's office.  No difference.  The amount is the determinant.  I know because not only myself but ds has taken advantage of both 0% and reduced interest until paid off finance offers.  Mine are paid off, ds is close.  

Lowes: I have 3 Lowe's card. Advantage, Lowe's Pro, and Amex Lowe's.

Advantage: 5% off and by far the best deal-  0% non-predatory financing. I have to say that.... You enter into a contract knowing what your end of the deal is.   Pay x amt. before x amt of time. Spelled out in black and white or don't do it.

Lowe's Pro: Also 5% off plus your biz invoices are itemized. Very Important biz feature!

Amex Lowe's: Also 5% off, invoices are not itemized, however you earn pts. towards gift or gas cards.  That's a cool Yay!

They all have a unique perk but to me, Advantage is my best option to float a very large purchase on top of another very large purchase and so on, and so on, and so on.  You get the picture.

Sam's club is bomb on Gas/Fuel purchased from anywhere, not just at Sam's club.  Bomb

OP, like everyone else has said...step back, look into all of your reports.  Even pull a Factor Trust report, yes Synchrony checks that sucker.  You may have something on there that screams "Run!".   

Btw, have you always filled out every app with identical information each and every time? Have you compared all of your info. to your cr's?  Have you found any discrepancies? Have you moved a lot?

[Anonymous]

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@GApeachy wrote:

Just a little factoid:

Synchrony ranks #35 out of 250 us banks by asset size

https://www.mx.com/moneysummit/biggest-banks-by-asset-size-united-states

Care Credit:  You get 0% financing whether you app online or in a doctor's office.  No difference.  The amount is the determinant.  I know because not only myself but ds has taken advantage of both 0% and reduced interest until paid off finance offers.  Mine are paid off, ds is close.  

Lowes: I have 3 Lowe's card. Advantage, Lowe's Pro, and Amex Lowe's.

Advantage: 5% off and by far the best deal-  0% non-predatory financing. I have to say that.... You enter into a contract knowing what your end of the deal is.   Pay x amt. before x amt of time. Spelled out in black and white or don't do it.

Lowe's Pro: Also 5% off plus your biz invoices are itemized. Very Important biz feature!

Amex Lowe's: Also 5% off, invoices are not itemized, however you earn pts. towards gift or gas cards.  That's a cool Yay!

They all have a unique perk but to me, Advantage is my best option to float a very large purchase on top of another very large purchase and so on, and so on, and so on.  You get the picture.

Sam's club is bomb on Gas/Fuel purchased from anywhere, not just at Sam's club.  Bomb

OP, like everyone else has said...step back, look into all of your reports.  Even pull a Factor Trust report, yes Synchrony checks that sucker.  You may have something on there that screams "Run!".   

Btw, have you always filled out every app with identical information each and every time? Have you compared all of your info. to your cr's?  Have you found any discrepancies? Have you moved a lot?

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 Excellent breakdown and I did not know about Factor Trust. I will have to look them up. Any thread or data on who else pulls from FT? Could explain a lot of mystery denials for a lot of people. 

Good call with the credit report and app checking. I created a login with each bureau just for disputes. It's free. I disputed EVERYTHING that wasn't consistent across all bureaus (except the fact that some lenders only report to 1 or 2 bureaus). Squared away name formatting, addresses. Some baddies were confirmed, but some of those confirmations gave me extra "paid as agreed" months leading up to the actual settlement of the account, not just the C/O. 

[GApeachy]

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@Anonymous wrote:

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Any thread or data on who else pulls from FT? Could explain a lot of mystery denials for a lot of people. 

I inadvertently  found out that Synchrony pulls from them when I discovered fraud.  I was going over the report and I happened to notice that Synchrony pulled them when I app'd for Lowe's. I noticed on a follow up to my fraud report that Synchrony was sp'ing me like 3 other times.  They were the only bank sp'ing me on there. 

I have a lot more banks under my belt but haven't checked lately.  So I can't say.

[GApeachy]

@ddm2k1 wrote:

I feel strongly about Synchrony because at this point in time, they are laughably stringent without much waiting for cardholders on the other side. Like the perfectionist school authoritarian or micromanaging supervisor, fruitless hoop-jumping for the sake of winning approval is never worth the effort. If they won't have you, other lenders will.  Yes they will but that was my problem...high apr even though it was Amex.  A card at 22%,  well I can't do much with that one except pif.  If I had to use it for medical needs I'd be buried under interest in no time at all or I'd have to do without. I mean you can't beat 0% apr anytime and often.  I'm just now getting decent apr cards...it takes time.  Sometimes a long time.  My lowest is still yuck though, 13.39.  I have some cards with 0% for a little while longer but then they'll be back to 13, 14, 18%.  That's not good for long term purchases like medical equipment or major dental and such.

Care Credit is a really good option when your Insurance sux or nearly sux, you're not rich or you have equipment break and Insurance won't cover it or you have to wait for Insurance to approve replacement, and what about the copay/deductable, hidden stuff.  That actually happened to me.  Dh couldn't go a week without his cpap...dang it, had to purchase and pay- expedite.  Care Credit to the rescue.

Hopefully OP doesn't need Care Credit for major medical that reoccurs often. 

As far as your feeling strongly about them....yeah, I have not enjoyed reading about these shutdowns.  Slamdowns.  It's scary and I myself have to go and check to see if it's happened to me too.  Other banks do it too though.  I'm not gonna dislike any banks until it happens to me and then I'll post so many bad emoji's I'll be banned for life.  JK .....but it's hard not to like a bank that's notorious for shutdowns but again, a lot of banks have some pretty sharp hatchets.

@Vmc726  have you checked with a Credit Union about a low apr card? I really hope you can eventually get approved.  I hope you can find out why you're not getting that approval.

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[clipperskipper]

Synch is pretty conservative. I am amazed at how many store cards they cover, and now Harbor Freight. I applied online last night, and got instant approval $2K limit, wow. I wanted the HF card, as they give you a 5% discount for using it, and they let you "stack" coupons and such, for now.

I then went over to Home Depot, and opened a commercial account for my business. They still wanted my SSN, instead of a DUNS number, but whatever. I had to call Citi, and answer some questions like what street I may have lived on, and the color of my Wife's Toyota, but instant approval, $18K.

So there you have it, two banks, two completely different outcomes.

09/2020 Fico 8 850/850/850

[growthadvocate]

@Loquat I defintely agree that the lowes cards offers value for some...which is why I asked why @Anonymous  wanted it.  But to your point, OP is already playing in the sandbox with majors--has a stong lineup that can grow.  Not to mention OP just started apping this year--8 cards all in 2020, while many came during the pandemic.  Meanwhile, OP keeps apping with Synch and is getting denials...seems like a no brainer at this point--grow your relationship with those that do like your profile and focus on some other great prime cards that fit your spend come next year.

[Anonymous]

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@Anonymous wrote:

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@SecretAzure wrote:

OP, take it as a sign. Synchrony is not a prestigious lender by any stretch. It is not good if they will not approve you for even a minor limit. Garden for a year, stop applying to cards. Let your AAOA grow and at some point they'll extend credit to you.

Furthermore, don't apply to Care Credit...they're way worse. They're predatory with their interest rates.

Cool it and good things will come your way...a year from now, preferably 1.5 years from now for best growth.

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I agree with you. Doubly so on the CareCredit in certain circumstances, or lackthereof, rather. I'll explain: 

- CareCredit when applied for on their website offers no special financing and appears to be a revolving product with a card to swipe. 

- CareCredit when applied for in a provider's office in conjunction with a procedure can offer incentives such as lower interest rates or even 0% for up to 24 months, as chosen by the provider. 

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I do not find this true in my experience.

My SO cold app'd on their website and simply asked the dentist when he went in if they had any promos (which we had cinfirmed before apping, but the promo depends on cost) and had no issue getting 18 months 0% interest on 1k in services.

It can be done time and again as long as where you use it 1) accepts care credit and 2) has a promo they are running - which generally they do if they accept care credit and the cost is above a certain threshold.

So you do not need to app in office to get the promos and it is not a one-time thing. The full interest comes into play when you use it not in conjunction with a promo or at drug stores and the like and do not PIF amd of course if you do not pay the promo by the end of the alloted interest free period. My SO has used it at Rite Aid several times and was not charged interest from date of swipe, the grace period still applied.

So this can be a handy product and can also be used at Veterinarian offices, gyms, and spas, if they accept it, of course! You would be surprised at the range of services it can be used for. You can see who accepts it in your are on their website, which is super handy!

[Conceptual23]

I'm right there with you.  I cannot seem to get an approval from them either. 

[Anonymous]

Wow, I forgot about this thread as life got busy that week. I have cleaned up reports since this post and have entered the garden so I am not app'ing anytime soon. I don't have ongoing medical issues. I want Care Credit as a back up to what dental insurance doesn't cover, but we have good dental insurance. More as an emergency source of credit. 

As for Lowe's, I like the 5% benefit and it is a store I already spend money in frequently. Therefore, I feel it would be beneficial to have the card. 

As others have mentioned, if they grow, it adds some extra Util padding to my profile. 

I will dig into the other reports mentioned throughout this thread. I have not looked at Factor Trust. My other 3 main Credit Reports are all nearly identical at this point. 

Thank you for all the time and effort in these replies. I want to also find out why I can't get approved or what they are seeing. 

[FinStar]

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@Anonymous wrote:

Wow, I forgot about this thread as life got busy that week. I have cleaned up reports since this post and have entered the garden so I am not app'ing anytime soon. I don't have ongoing medical issues. I want Care Credit as a back up to what dental insurance doesn't cover, but we have good dental insurance. More as an emergency source of credit. 

As for Lowe's, I like the 5% benefit and it is a store I already spend money in frequently. Therefore, I feel it would be beneficial to have the card. 

As others have mentioned, if they grow, it adds some extra Util padding to my profile. 

I will dig into the other reports mentioned throughout this thread. I have not looked at Factor Trust. My other 3 main Credit Reports are all nearly identical at this point. 

Thank you for all the time and effort in these replies. I want to also find out why I can't get approved or what they are seeing. 

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Just FYI while you garden.  Lowe's recently introduced a SP pre-approval option on the Lowe's CC website.  You can periodically check to see (at least gauge the odds) without incurring a HP just for sanity check.   If qualified, it'll display the CL and APR.  Of course, if you decide to pull the trigger it'll be a HP.  Just something to think about 😊